The repeal of residence permits by investment —commonly known as Golden Visas— on 3 April 2025 has transformed the Spanish migration landscape. This scheme, in force since 2013, allowed nationals of third countries to obtain residence through real estate, financial, or corporate investments.
From now on, lawful residence in Spain requires demonstrating genuine ties with the country, whether through economic, professional, or social activity. This compels investors, families, and foreign professionals to reconsider their international mobility within the new Spanish legal framework.
Among the most relevant existing alternatives are: (a) the non-lucrative residence permit, (b) residence permits linked to entrepreneurship or business projects, (c) residence permits for highly qualified professionals, including the EU Blue Card, and (d) the international teleworker or “digital nomad” residence permit.
In an international context where numerous States have tightened their migration policies —with the United States as a paradigmatic example—, Spain remains an attractive destination for those seeking to combine quality of life and economic opportunities. Nevertheless, the legal framework has undergone a profound transformation following the repeal of residence by investment program, commonly known as the Golden Visa.
This scheme, in force for more than a decade, allowed residence to be obtained in exchange for capital investments in real estate, financial instruments, or corporate holdings, without requiring a minimum period of stay in Spain and with expedited processing and few additional requirements. It therefore became a popular option both for contingency planning and as a fast-track route to establish effective residence in the country.
The Spanish legislator has justified its elimination on two main grounds: first, to address warnings from European institutions about the risks associated with so-called “golden passports”, which could facilitate money laundering practices and hinder fiscal traceability; and second to respond to the impact of the Golden Visa on the real estate market, especially in high-demand areas, where it allegedly contributed to rising in housing prices and, consequently, to the restriction of the social right of access to housing.
The resulting model now includes other types of visas designed to ensure that residence is based on a real, verifiable, and continuous link with Spain, beyond mere capital contribution. With the elimination of the most passive pathways, there is no longer any option that allows residence permits to be obtained on a purely instrumental or precautionary basis.
One of the main options previously used to reside in Spain —and which remains in force— is the non-lucrative residence permit, intended for third-country nationals who have ceased their professional activity and possess stable income or sufficient assets, and who wish to reside in Spain without engaging in any professional or employment activity, either in Spain or abroad. This authorization requires proof of sufficient financial means, documented assets, and health insurance coverage. This type of residence permit is therefore particularly suitable for individuals who seek to retire in Spain.
Entrepreneurs and investors must therefore apply for a residence permit different from the non-lucrative residence one described above. Currently, there are two options: (a) the residence permit for innovative entrepreneurial business projects; and (b) the self-employment residence permit. In the first case, applicants must demonstrate the viability of the business, its economic impact in Spain, job creation, and the innovative nature of the business project, which must be confirmed through the issuance of a binding report by ENISA, the state-owned company dedicated to financing innovative business projects. This residence permit allows for a fast-track route compared to the self-employment residence permit, option (b) above, whose processing times are much longer, but which does not require proving that the business project is innovative. Third-country nationals seeking to benefit from the special tax regime for inpatriate investors (also known as “Beckham regime”) will now need to follow one of these two residence permit options. Accordingly, the application for the residence permit, the appointment as a director of a Spanish company and the relocation to Spain must be carefully sequenced to ensure eligibility for this advantageous special tax regime.
Third-country nationals seeking to obtain a residence permit in Spain linked to a Spanish company will have two potential routes: (a) the intra-company transfer residence permit; and (b) the highly qualified professional residence permit – which includes the EU Blue Card-. The first permit should be considered when an employee of a non-Spanish entity is seconded to Spain while maintaining their employment relationship abroad. The second permit is suitable for individuals who wish to relocate to Spain to start an employment relationship with a Spanish employer. Again, the timing of the application for the residence permit, the relocation, and the acceptance of the employment offer/secondment must be carefully sequenced to ensure eligibility for the Spanish special tax regime for inpatriate workers.
Finally, since 2023, third-country nationals can relocate to Spain under the international teleworker residence permit (commonly known as the digital nomad visa): (a) employees must work for a non-Spanish company for at least three months and meet qualification requirements; they may benefit from the inpatriate tax regime (Beckham Law); (b) self-employed applicants must maintain a professional relationship with a non-Spanish company, may only work ≤ 20% for Spanish companies, and are excluded from the Beckham regime. Both must prove social security coverage, health insurance, and that the company operates legally. Work that generates revenue for Spanish entities is prohibited. Advantages include shorter processing times, applying while in Spain, family applications, and permission to work anywhere in Spain.
Beyond the immigration aspect, it is essential to consider the tax implications arising from residence in Spain under each of the above-mentioned options. Unlike the former Golden Visa regime, all current authorizations require an effective presence in the country, which may entail acquiring the Spanish tax residence status. Although tax residence is a factual matter—determined by physical presence or by locating the person’s center of economic interests—, the acquisition of a residence permit or visa is regarded as a relevant indication of tax residence for the Spanish tax authorities. Therefore, it is crucial to plan the relocation and the sequence of actions prior to applying for the visa, especially for those intending to benefit from the inpatriate tax regime or Beckham regime. This regime requires proper coordination in timing between relocation, employment, and the type of residence permit, to ensure its correct application and avoid unforeseen tax contingencies.
By Clarisa Egaña Leonardi, senior Associate at KINSHIP.
